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Message Subject: Ok, So I Won a Ranger or a Zillion...Now What?

Gander Mt Guide

Posted 9/22/2004 3:53 PM (#119223)
Subject: Ok, So I Won a Ranger or a Zillion...Now What?

Posts: 2515

Location: Waukesha & Land O Lakes, WI

Alright, I didnt....But lets say I won a Ranger or 25,000.00 in a tourny. How does the tax stuff work? Do the tourny officials have tax forms for you to fill out? How's does the boat thing work?

I see that the people who got free cars from Oprah have to claim over 7k, got me wondering about tourny prizes and money.

Edited by Gander Mt Guide 9/22/2004 3:53 PM

Bukes

Posted 9/22/2004 3:59 PM (#119225 - in reply to #119223)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

I would assume any money and value of the boat won would be included as income for you for that year and reportable on your 1040. I would think you would have to pay some sort of local or state sales tax on the boat too.

jlong

Posted 9/22/2004 4:00 PM (#119226 - in reply to #119223)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

Posts: 1938

Location: Black Creek, WI

Some tourneys take tax out up front... others have you sign a W-9 so you get a W-2 at tax time. No different than when you get a W-2 from your employer or bank at the end of the year for your income taxes. Don't worry... Uncle Sam won't forget about ya.

jlong

Gander Mt Guide

Posted 9/22/2004 4:02 PM (#119227 - in reply to #119226)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

Posts: 2515

Location: Waukesha & Land O Lakes, WI

I kinda thought a tourny would act as your employer. How would they know about the boat?

chico

Posted 9/22/2004 4:55 PM (#119234 - in reply to #119223)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

Posts: 502

Location: Lincoln UK

The people who didn't win it would probably tell them.

stephendawg

Posted 9/22/2004 11:16 PM (#119269 - in reply to #119223)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

Posts: 1023

Location: Lafayette, IN

Cute......

Turgeon

Posted 9/22/2004 11:31 PM (#119272 - in reply to #119223)
Subject: RE: Ok, So I Won a Ranger or a Zillion...Now What?

You get to pay taxes on your winnings including the boat, you get do deduct expences related to the event, if you fish multile events you can deduct those expences as well. If you sell the boat for less than the stated prize value you may be able to claim that as the actual value for taxes, but you will pay. In most cases you will be liable for sales tax to register the boat and in some cases they just give you a certificate for a boat in which the person useing the certificate would pay sales tax on the new boat.....got all that

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